look news india
Mumbai: The number of newly launched fintech startups in 2023 was 72.60 percent less than in 2021. According to a research report, this figure was 55.55 percent less than that of 2022. 20 fintech startups were formed in India in 2023, while this number will increase to 73 in 2021 and 45 in 2022. This does not include the number of startups with less than ten employees.
The report said that new regulations and compliance measures for all types of startups have made the situation challenging for new fintech ventures.
India's fintech sector saw 30 acquisition deals in 2023, up from 37 in 2022 and 29 in 2021. Nearly 20 of the 30 acquisition deals were made by large companies with more than 1,000 employees or more than $50 million in funding.
In 2024, trends impacting the fintech sector include artificial intelligence in the financial services sector, digital markets through open banking.
This meeting of all the startups with the Finance Minister is to be held on 26th February, in which startups from different sectors of the country will participate. There will also be discussion in the meeting as to what kind of effects are being seen after the action on Paytm. The Finance Minister has invited not only startups but also banks and the Deputy Governor of the Reserve Bank of India in this meeting.
After the Central Bank's action on Paytm Payments Bank, the company's CEO Vijay Shekhar Sharma had met Finance Minister Nirmala Sitharaman some time ago. He presented his side but the Finance Ministry asked him to take up the matter directly with the Reserve Bank.